Lottomatica posts record 32.4% online share and stronger nine-month earnings

Lottomatica reported record online market share in September 2026 and stronger financials for the first nine months of 2026. For the period ending 30 September 2026 the group posted €1.72 billion in revenue, a 5% increase versus the same period in 2025, and said adjusted EBITDA rose to approximately €665.5 million. Management also confirmed progress on the proposed combination with Spanish gaming group CIRSA Enterprises, with shareholder meetings scheduled in November and a target completion in Q2 2027.

Digital growth underpins revenue

Lottomatica identified its digital operations as the primary driver of growth during the reporting period. The company's Italian online market share reached a record 32.4% in September 2026 and averaged 31.7% across the third quarter, up 0.9 percentage points year-on-year. The two main digital segments moved the needle:

• iSports market share reached 34.8% in the quarter, up 2.1 percentage points year-on-year

• iGaming market share rose to 31.2%, an improvement of 0.6 percentage points

Online activity translated into higher volumes and revenue. Lottomatica recorded total betting volumes of €35.2 billion in the first nine months of 2026, an increase of 8% from €32.5 billion in the comparable period of 2025. Online betting volumes specifically increased by 12%, while the sports franchise division saw activity rise by 11%.

Online revenue for the group climbed 13% to €780.8 million for the nine-month period; on a normalised sports betting payout basis that increase was 18%.

Profitability, cash flow and leverage

Total reported group revenue reached €1.718 billion for the nine months, compared with €1.640 billion in the first nine months of 2025. Adjusted EBITDA increased by 8% to approximately €665.5 million. When applying normalised sports betting payout assumptions, adjusted EBITDA was €715.1 million, a 19% annual rise.

Operating cash flow improved to €544.9 million, up from about €504 million a year earlier. Net financial debt stood at approximately €2.16 billion at 30 September 2026, giving a reported net leverage of 2.4x last-twelve-month run-rate adjusted EBITDA.

Lottomatica warned that less favourable sports betting payouts affected some reported results, a point it used to explain the difference between reported and normalised EBITDA. The sports franchise division produced revenue of €376.7 million, down 1% year-on-year despite an 11% increase in betting volumes, illustrating how payouts can compress revenue. The gaming franchise division generated €560.3 million in revenue, down 2% year-on-year.

Merger timetable and integration preparations

Lottomatica and CIRSA Enterprises first announced the proposed combination on 2 September 2026. The deal is structured as a cross-border merger by absorption under which CIRSA would be absorbed into Lottomatica, with the Italian company remaining the surviving legal entity. Both boards approved a common merger plan on 8 October 2026.

Shareholder approval steps are scheduled as follows: Lottomatica will hold its extraordinary and ordinary shareholders' meeting on 23 November 2026, and CIRSA will convene its extraordinary general meeting on 30 November 2026. Subject to shareholder approvals, regulatory clearances and other legal requirements, the companies currently expect completion during the second quarter of 2027.

Management said integration workstreams are already active. The companies stated the integration workstreams are “already fully up and running” and aim to be “100 per cent ready” to begin implementing the integration plan immediately after the transaction becomes effective. The stated preparations include operational coordination and development of the combined group's online business.

“Already fully up and running,” the companies said of integration workstreams, and they added they intend to be “100 per cent ready” to start the integration once the merger becomes effective.

CIRSA's nine-month results and strategic fit

CIRSA Enterprises published its third-quarter 2026 results on 4 November 2026, reporting net operating revenue of approximately €1.888 billion for the first nine months of 2026, a 10% increase year-on-year. Adjusted EBITDA reached about €599.3 million, up 9.3%.

CIRSA reported net profit of €128.3 million, a rise of roughly 73.6%, and profit before income tax of approximately €178.8 million, up from €130.4 million in the prior-year period. Spain accounted for approximately 48.4% of group EBITDA in the first nine months of 2026. The Spanish slots division recorded net operating revenue growth of 10.5% and EBITDA of about €186.4 million.

CIRSA's online gaming and betting operations grew revenue by 14.3% year-on-year, though EBITDA in that division fell by 4.9% owing to higher gaming taxes in Peru and less favourable sports betting results in parts of the period. Temporary casino closures in Colombia after an August earthquake also affected some results.

Outlook and closing position

Both groups reaffirmed their full-year expectations for 2026. Lottomatica said it expects adjusted EBITDA on a normalised payout basis to finish towards the upper end of its guidance range. CIRSA likewise maintained guidance, targeting revenue and adjusted EBITDA growth towards the upper end of its previously communicated outlook.

Lottomatica's nine-month performance shows a clear shift in the company's revenue mix toward digital channels: record online market share in September, double-digit online revenue growth and improved cash flow. The company will move into the next phase of its corporate strategy while awaiting shareholder and regulatory approvals for the proposed cross-border merger with CIRSA Enterprises.